2021 Year in Review
Sustained progress
“Despite the disruption caused by COVID-19 in the more than two years since the launch of the plan, under the excellent leadership of our CEO, Alan Hirzel, the team’s focus on execution has delivered significant progress.
Our capacity for innovation and new product development continues to increase and the Group is making good progress on its major upgrade programmes spanning IT infrastructure, global supply chain and customer facing websites. These improvements are helping us meet the demands of a growing, global business and improve our customers’ experience. A growing number of strategic partnerships together with selected acquisitions are helping to accelerate this trend, exemplified by the acquisition of BioVision in the period, the Group’s largest supplier.”
Peter Allen, Chairman
Alan Hirzel, CEO
In 2019, we set out plans to invest in our business to support long-term, profitable growth. Those investments are accelerating the implementation of initiatives that are allowing us to increase support for those at the forefront of biological research, seize more market opportunities for growth and increase the positive social impact we are able to generate over the period to 2024 and beyond.
1. Extend leadership in RUO antibodies
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2. Remove innovation constraints and launch new lines
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3. Be a leading discovery partner for biopharma organisations
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4. Be a leading digital company
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5. Remove scalability constraints and sustain value
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6. Selectively pursue acquisitions
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In 2019, we set out plans to invest in our business to support long-term, profitable growth. Those investments are accelerating the implementation of initiatives that are allowing us to increase support for those at the forefront of biological research, seize more market opportunities for growth and increase the positive social impact we are able to generate over the period to 2024 and beyond.
1. Extend leadership in RUO antibodies
2020/21 priorities
2021 milestones achieved
2022 priorities
2. Remove innovation constraints and launch new lines
2020/21 priorities
2021 milestones achieved
2022 priorities
3. Be a leading discovery partner for biopharma organisations
2020/21 priorities
2021 milestones achieved
2022 priorities
4. Be a leading digital company
2020/21 priorities
2021 milestones achieved
2022 priorities
5. Remove scalability constraints and sustain value
2020/21 priorities
2021 milestones achieved
2022 priorities
6. Selectively pursue acquisitions
2020/21 priorities
2021 milestones achieved
2022 priorities
Combined with our focus on impactful product innovation, we are building a sustainable business – providing a rewarding, diverse and inclusive workplace for our teams, building long-term industry partnerships based on trust, engaging in the communities we work in and minimising our impact on the environment.
“We have made good progress in many areas during the year and our top line performance has seen good momentum coming out of the pandemic. Whilst short-term returns on our core business have inevitably been reduced by COVID-19 and our investments, I am confident in a continuation of the trajectory we have seen over the last six months, and the potential return our organic and inorganic investments will generate over the medium- and long-term.”
Michael Baldock, Chief Financial Officer
We measure our performance against a number of strategic and financial KPIs. Success against our strategic KPIs forms a component of the Executive Directors’ and senior management’s remuneration.
Section 172 statement and stakeholder engagement
“Our purpose – to serve life scientists to help them achieve their mission, faster – drives everything we do and sits at the heart of our value creation model. As we deliver on our purpose, we remain steadfastly committed to creating an ethical and sustainable business; a business which generates returns for our shareholders; and a business which strengthens our relationships with key stakeholders over time. As Abcam grows it feeds a virtuous circle – improving speed and quality, driving innovation, and achieving scale – ultimately enabling us to serve more life scientists with more of the biological tools and reagents needed to enable breakthrough research.”
Alan Hirzel, CEO
Combined with our focus on impactful product innovation, we are building a sustainable business – providing a rewarding, diverse and inclusive workplace for our teams, building long-term industry partnerships based on trust, engaging in the communities we work in and minimising our impact on the environment.
During the year, the Board carried out a robust assessment of the emerging and principal risks facing the Company which included commissioning Anthesis, a leading climate change consultancy, to support the Group in its assessment of relevant climate-related risks and opportunities. Although the nature of the risks to which Abcam is exposed have not changed substantially, the assessment resulted in some revision to how the principal risks are grouped and expressed.
A review of our performance and governance in 2021
Explore our business model and how we sustain value creation for our stakeholders
Read about are strategy to sustain long-term profitable growth
View Abcam’s latest regulatory news announcements